The coronavirus pandemic is yanking corporate Japan into the 21st century, forcing businesses to embrace digital signatures and boosting the shares of Bengo4.com Inc., one of the few local providers of the service.
Shares of the 240-person firm, whose name is a Japanese play on words of "lawyers-dot-com,” hit a record on Wednesday, giving the Tokyo-based company a market valuation of about ¥191 billion ($1.77 billion), 22 times higher than its 2014 public debut. Revenue for its cloud-based signing service is set to double this year, fueling growth, President Yosuke Uchida said.
While DocuSign Inc. and other firms have been offering web services for signing contracts and legal documents for more than a decade, bureaucrats and businesses have remained steadfastly loyal to paper, hanko stamps and the fax machine. Now, they’re being pushed into the digital age as consumers, employees, companies and government offices restrict their movements to prevent the spread of the pathogen that has infected millions worldwide.